We model and test the mechanisms through which securities law affects tunneling and tunneling affects firm valuation. In 2002, Bulgaria adopted securities law changes which limit two forms of equity tunneling - dilutive equity offerings and freezeouts. We document that following the change,...

This online appendix contains additional results for Atanasov and Black (2018, The Trouble with Instruments: The Need for Pre-Treatment Balance in Shock-IV Designs (Trouble with Instruments). Part 1 of the Appendix provides an extended checklist for implementing shock-IV designs. Part 2...

Credible causal inference in accounting and finance research often comes from “natural” experiments. These experiments can be exploited using several “shock-based” research designs, including difference-in-differences (DiD), instrumental variables based on the shock (shock-IV), and...

Insiders (managers and controlling shareholders) can extract (tunnel) wealth from firms using a variety of methods. This article examines the different ways in which U.S. law limits, or fails to limit, three types of self-dealing transactions – cash flow tunneling, asset tunneling, and equity...

Managers and controlling shareholders can extract wealth from firms in many different ways. We develop here a framework for analyzing different types of quot;tunnelingquot; transactions. We divide tunneling into three broad groups: cash flow, asset, and equity tunneling. We model each type of...

We study shock-based methods for credible causal inference in corporate finance research. We focus on corporate governance research, survey 13,461 papers published between 2001 and 2011 in 22 major accounting, economics, finance, law, and management journals; and identify 863 empirical studies...

This Online Appendix provides sample and methodology details and selected additional results for Barreto Parra, Atanasov, Whittle, Meurer, Luo, Zhang, and Black, The Effect of the COVID-19 Pandemic on the Elderly: Population Fatality Rates, COVID Mortality Percentage and Life Expectancy loss....

The COVID-19 pandemic has disproportionately affected the elderly. This article provides a detailed analysis of those effects, drawing primarily on individual-level mortality data covering almost three million persons aged 65+ in three Midwest states (Indiana, Illinois, and Wisconsin). We report...

This Appendix provides data and methodology details and additional results for Zhang, Atanasov, Meurer, Whittle, Barreto Parra, and Black, Effects of Short-Term Air Pollution Exposure on U.S. COVID-19 Mortality (working paper 2022). The underlying paper is available from SSRN at...

ImportancePrior studies have shown that long-term exposure to air pollution predicts higher COVID-19 mortality, but there is limited evidence on the effect of short-term fluctuations in air pollution levels. ObjectiveTo determine whether short-term changes in county air-pollution levels predict...